Staff Tax Training: Partnerships and LLCs (Form 1065) Webcast | 4202128B

Date :
December 16, 2020 — December 17, 2020 8:30 AM - 4:00 PM
Location :
Webcast
Facility :
TBD
Level of Difficulty :
Basic
Member Price :
579.00
Nonmember Price :
769.00
CPE Credits :
CPE 16.00, IRS-TX 16.00, CFP 16.00, MCLE-EB 16.00, CTEC-TX 16.00
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This two-day training course provides a comprehensive understanding of the Federal income tax laws applicable to partnerships, LLCs and LLPs, and their owners. Discuss recent tax laws and theories, with real-world case scenarios showing the preparation and review of tax forms and schedules. Attendees will receive a comprehensive partnership/LLC income tax reference manual that includes practice aids; real-world examples; new Federal income tax forms and schedules; and Pat Garverick's Quick Reference Chart.

 

Objectives:

 

Idnentify federal income tax laws applicable to partnerships and LLCs and their partners from formation to liquidation (i.e., theory) and apply this from a tax-form perspective (i.e., tax prepartion).  
Prepare a complete Form 1065 income tax return and related schedules with minimal review points.

 

 

Major Subjects:

 
  • Extensive review of the partnership tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) new 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits and entertainment expenses 
  • Overview of different forms of business entities including the check-the-box regulations
  • Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
  • Schedule K and K-1 – preparation issues including separately and non-separately stated income and expense items
  • Understand the substantial economic effect requirement to have special allocations to the partners/members
  • Allocation of recourse and non-recourse debt to the schedule K-1s
  • Deductibility of fringe benefits including health insurance premiums
  • Guaranteed payments & self-employment tax issues and pitfalls
  • Overview of calculating a partner/member’s outside basis and discuss how partnership losses and deductions can be limited to basis and the at-risk rules
  • §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)
  • Partnership liquidation and distribution tax ramifications at both the partnership and partner level
 

Advanced Prep:

 

None

 

Misc. Information:

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Level of Difficulty:
Basic
Field of Interest:
Taxes
Prerequisites:
 

Basic understanding of individual income taxation.

 
Designed For:
 

Tax return preparers, staff accountants and paraprofessionals with little or no experience, as well as out of practice public accountants seeking a comprehensive basic partnership and LLC income tax course.

 

Instructors

Mark Vanden Berge, CPA
Mark Vanden Berge has over 30 years of experience in the field of public accounting. After graduating from Northwestern College, he accepted a staff position with a local CPA firm where he was exposed to all areas of public accounting. Four years later, he accepted a position with a regional CPA firm in its tax division. After two years, he was in charge of the tax division and primarily responsible for over 500 tax clients. After three years, he established his own firm, Vanden Berge, Inc., in Sioux Falls, SD, and still operates that firm as CEO and president. The firm assists its clients in all areas of taxation, business planning, and financial consulting. This broad background has provided Vanden Berge with a wide range of experiences in the areas of taxation, business, and finance. Vanden Berge has lectured on taxation subjects for several years receiving numerous perfect scores for knowledge and presentation.

Materials:

  • Materials - ebook